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to provide a voice of the world. last week's european council agreed the overall limit on eu spending for the next seven years, starting in 2014. been agreed in the past, spending has gone up, but last week we agreed that spending should come down. by working with like-minded allies, we delivered a real- terms cut in what brussels can spend for the first time in history. as the house knows, the eu budget is negotiated annually, so what we were negotiating -- initially at the council last november and again last week -- was not the individual annual budgets, but rather the overall framework for the next seven years. this includes the overall ceilings on what can be spent -- effectively, the limit on the european union's credit card for the next seven years. during the last negotiation, which covered the period 2007 to 2013, the last government agreed to an 8% increase in the payments ceiling, to 943 billion. put simply, this gave the eu a credit card with a higher limit, and today we are still living with the results of allowing the eu's big spenders to push for more and more spending
on the show -- after grueling marathon negotiations, the eu agrees on a budget bill that for the first time sees a cut in spending. >> street battles in tunisia following the funeral of the slain opposition leader chokri belaid. >> millions are in asia heading home to celebrate the year of the snake. for the first time in the history of the european union, the long-term budget will be cut. 27 eu leaders meeting in brussels have agreed to a final budget during a second summit arranged especially to do so. we will go live to brussels for the latest in just a moment. >> that's right -- the drastically reduced seven-year budget is worth 959 billion euros and was hammered out after two days of nearly round-the- clock negotiations and is far less than the just over $1 trillion euros -- and the one trillion euros the commission had originally proposed. >> german chancellor angela merkel went into the talks saying she was confident the agreement would be reached. in the end, the 27 member states came up with a compromise that even british prime minister david cameron welcomed as a good deal for bri
the european union. i do going the way of european parliament for an eu able to meet the challenges and you need to come out and say that quite clear as your fellow citizens. mr. president of the republic. [applause] [speaking french] >> translator: i want to thank you for having got the budget treaty ratified in parliament because that's a good sign for europe, but i looked long and hard. i don't see what's happened to your 120 billion euros. where have those billions gone, mr. president? please tell us. we are legislators. and we are men and women of goodwill, but we have a responsibility to our fellow citizens. we get here to talk, teen ago she, you need to know that there are points which we won't give ground on. first of all, there is the question of flexibility. we need to have genuine flexibility in the financial framework between budget alliance and between news. that's how we have managed to run the budget properly in the context of austerity and balanced budget. second, own resource but if the european budget is going to be financed properly, it will allow us to reduce the contrib
in brussels. after talks lasting through the night, we now have a draft proposal for the eu budget. many more hours ahead before a deal is finally done. >> nasa's curiosity rover gets down to work on the red planet. thousands of tunisians are gathering in their capital for the from -- funeral of a prominent opposition leader. shape -- shokri belaid was shot in front of his home. he was one of the government's fiercest critics. some are putting the blame on the ruling party. hashemi behar a -- hashem able horror -- haitian -- hashem ahelbarra is live with more. >> there are protests across the country and symbolic ceremonies paying tribute to the opposition leader. we are expecting the funeral to start anytime soon. the procession will be in the capital where he will be laid to rest. people are concerned about potential clashes with supporters of the government and supporters of the opposition. they have beefed up the present of security forces to try to prevent any such deterioration of the situation. >> where does all of this leave the political stalemate at the moment, hashem? >> more conce
the prospect of having to bail out failed banks and eu governments for perhaps years to come. they are still asking why no charges have been brought in the interest rate fixing scandal among top level banks. >> now, the german finance minister is set to present proposals to address that anger that will include a tightening of banking regulations. germany is not the only european country planning new laws against the reckless bankers that cost taxpayers billions. >> and number of european governments are drawing up new measures to prevent big banks from passing on the costs of high risk trading to taxpayers. in germany, a new draft law is due to be presented to the cabinet on wednesday. the proposed law would require major banks to separate their retail and investment banking. it also outlines plans for restructuring and liquidation in the event of a crisis, and bank executives are engaged -- who engage in reckless behavior could face up to five years in prison, and britain is also bound to pressure to rein in the excesses' of the system in the wake of the libor scandal and breaches of money
with asean, singapore, japan and korea. and we're also in dialogue with the eu. we have been talking about a bilateral investment treaty, but not necessarily with a due sense of urgency. for meeting since negotiations started in 2007 does not suggest a great deal of haste. much as it might surprise, we want this as much as you did because it is also of interest to us. ladies and gentlemen, important as they are, market access issues, and goods and services, and i to be seen perspective for they can be made to define narrative. why we must work to sort out these challenges, it is not in our interest to let such issues define the relationship. this is why we have proposed to create an ad hoc clearinghouse mechanism to discuss market access issues in the trade policy forum. i believe that we also need to find a new positive narrative that can bind our countries closer together. one such opportunity i feel is in the energy sector. without a shirt access to energy inputs in sufficient quantities, we will not be able to sustain our economic development. therefore, an enduring in the u.s. partner
Search Results 0 to 7 of about 8 (some duplicates have been removed)